assembly Bill A8862

2017-2018 Legislative Session

Relates to establishing a student loan borrower bill of rights

download bill text pdf

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Archive: Last Bill Status - In Assembly Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 03, 2018 referred to higher education
Dec 22, 2017 referred to higher education

Co-Sponsors

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Multi-Sponsors

A8862 (ACTIVE) - Details

See Senate Version of this Bill:
S8463
Current Committee:
Assembly Higher Education
Law Section:
Education Law
Laws Affected:
Add §684, Ed L
Versions Introduced in 2019-2020 Legislative Session:
A3011, S3206

A8862 (ACTIVE) - Summary

Establishes the student loan borrower bill of rights to protect borrowers and ensure that student loan servicers act more as loan counselors than debt collectors.

A8862 (ACTIVE) - Bill Text download pdf


                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  8862

                       2017-2018 Regular Sessions

                          I N  A S S E M B L Y

                            December 22, 2017
                               ___________

Introduced  by M. of A. SIMON -- read once and referred to the Committee
  on Higher Education

AN ACT to amend the education law, in relation to the creating a student
  loan borrower bill of rights

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. The education law is amended by adding a new section 684 to
read as follows:
  §  684.  STUDENT LOAN BORROWER BILL OF RIGHTS. 1. DEFINITIONS. AS USED
IN THIS SECTION:
  (A) "SERVICING" SHALL MEAN RECEIVING A SCHEDULED PERIODIC PAYMENT FROM
A BORROWER PURSUANT TO THE TERMS OF A LOAN, INCLUDING AMOUNTS FOR ESCROW
ACCOUNTS, AND MAKING THE PAYMENTS TO THE OWNER  OF  THE  LOAN  OR  OTHER
THIRD PARTY OF PRINCIPAL AND INTEREST AND OTHER PAYMENTS WITH RESPECT TO
THE  AMOUNTS  RECEIVED  FROM THE BORROWER AS MAY BE REQUIRED PURSUANT TO
THE TERMS OF THE SERVICING LOAN DOCUMENT OR SERVICING CONTRACT.  IN  THE
CASE  OF A HOME EQUITY CONVERSION MORTGAGE OR REVERSE MORTGAGE AS REFER-
ENCED IN THIS SECTION, SERVICING INCLUDES MAKING PAYMENTS TO THE BORROW-
ER. IN THE CASE OF A  STUDENT  EDUCATION  LOAN  AS  REFERENCED  IN  THIS
SECTION,  SERVICING  INCLUDES  APPLYING  THE  PAYMENTS  OF PRINCIPAL AND
INTEREST AND OTHER SUCH PAYMENTS WITH RESPECT TO  THE  AMOUNTS  RECEIVED
FROM A STUDENT LOAN BORROWER AS MAY BE REQUIRED PURSUANT TO THE TERMS OF
A  STUDENT  EDUCATION  LOAN AND PERFORMING OTHER ADMINISTRATIVE SERVICES
WITH RESPECT TO A STUDENT EDUCATION LOAN.
  (B) "STUDENT EDUCATION LOAN" SHALL MEAN ANY  LOAN  PRIMARILY  USED  TO
FINANCE EDUCATION OR OTHER SCHOOL-RELATED EXPENSES.
  (C)  "STUDENT  LOAN  BORROWER" SHALL MEAN ANY RESIDENT OF NEW YORK WHO
HAS RECEIVED OR AGREED TO PAY A STUDENT EDUCATION LOAN,  OR  ANY  PERSON
WHO  SHARES  RESPONSIBILITY WITH SUCH NEW YORK RESIDENT FOR REPAYING THE
STUDENT EDUCATION LOAN.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD13931-01-7

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